In a report released today, Steven Halper from Cantor Fitzgerald maintained a Buy rating on Allscripts (NASDAQ: MDRX), with a price target of $18. The company’s shares opened today at $11.52, close to its 52-week low of $10.78.
Halper observed:
“1Q18 results. Non-GAAP revenue of $518.6 million (+25% y/y) was below consensus of $529 million and our estimate of $533 million. 1Q18 results included EIS revenue of $91 million, which was slightly below 4Q17. Non- GAAP Netsmart revenue was $83 million, representing 11% y/y growth. Non- GAAP gross margin was 47.3%, essentially unchanged from a year earlier. Non- GAAP EPS of $0.16 were in line with our estimate, but $0.01 below consensus. We are not too concerned about the slight miss relative to consensus.”
According to TipRanks.com, Halper is a 5-star analyst with an average return of 15.5% and a 65.5% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Tivity Health Inc, and Hms Holdings Corp.
Currently, the analyst consensus on Allscripts is Moderate Buy and the average price target is $17.25, representing a 49.7% upside.
In a report issued on April 24, J.P. Morgan also initiated coverage with a Buy rating on the stock with a $16 price target.
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The company has a one-year high of $16.13 and a one-year low of $10.78. Currently, Allscripts has an average volume of 2.07M.
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Allscripts Healthcare Solutions, Inc. engages in the provision of clinical, financial, connectivity, information solutions, and related professional services. It operates through the following segments: Clinical and Financial Solutions; Population Health; and Netsmart.
